1. Field of the Invention
The invention described herein relates to automated accounting processes, and in particular relates to reconciliation of accounts.
2. Background Art
The success of any reconciliation process relies on the data received as input. The input data must be accurate, complete, and timely. Moreover, the processing must be complete, and any irregularities must be detected and reported. Traditionally, the reconciliation process can be slow, tedious, and prone to human error. Inaccurate or incomplete inputs may not be recognized, and irregularities in inputs or outputs may not be noticed.
There is a need, therefore, for a system and method whereby the reconciliation process can be automated in a manner that checks for the timeliness, completeness, and accuracy of inputs, provides a checklist for the completeness of the reconciliation process, and recognizes and reports irregularities.
Further embodiments, features, and advantages of the present invention, as well as the operation of the various embodiments of the present invention, are described below with reference to the accompanying drawings.